Fly News Breaks for October 29, 2019
Oct 29, 2019 | 15:38 EDT
Roth Capital analyst Scott Fortune cut his price target on Hexo to $2.50 from $3 after the company reported Q4 results and provided a "soft" guidance for Q1. Fortune, who also lowered his 2020 estimates for Hexo, noted that management cited lower than expected sell-through due to slower than anticipated retail store openings, "weak" specific product sales, and competitive pricing pressures. The analyst, who kept a Neutral rating on the stock, said he expects Canadian short-term negative pressure to remain and doesn't expect positive earnings per share or adjusted EBITDA until the end of 2020.
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